BOSTON-Vornado Realty Trust has won the Downtown Crossing block that includes Filene's flagship building, city official confirm. Federated Department Stores Inc. was seller of the historic site.
The sale price on the four-building property has not been disclosed but a broker familiar with the area tells GlobeSt.com that the prime Downtown Crossing location is likely to command as much as $100 million. Representatives from Federated and Vornado met with officials from the Boston Landmarks Commission this morning, city officials say, to discuss the transaction but the outcome of that meeting has not been disclosed.
Neither Federated nor Vornado returned calls from GlobeSt.com in time for deadline. At the end of last year, Vornado purchased the Boston Design Center for $96 million. The sale marked the company's first local acquisition.
The block-long stretch of buildings on Washington and Summer streets includes the Filenes building, which currently houses Filenes flagship store, and Filenes Basement. Filenes, which was acquired by Federated when it merged last year with May Department Store Co., will be closed but Filenes Basement, which was not part of that merger, is expected to stay in the building under a long-term lease.
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